Which cryptocurrencies are worth investing in today?
The cryptocurrency market today is not the most stable, and recently there has been another collapse. A few days ago, all major cryptocurrencies simply lost value. For example, the most common Bitcoin, which was worth $57,000, is now worth $42,000. But how to use this to your own advantage?
What is the reason for the drop?
It is probably all the fault of the coronavirus, or rather its individual strain, which still plagues the population. Restrictions are playing their part and changing the supply chains, so it is affecting the economy. And it’s not just the cryptocurrency market that’s affected, then stock markets around the world as well.
Most of the time, cryptocurrency does not have such problems, but this time it was different. It’s all about the fact that there were quite a few infos in the fall.
Still, there are a few digital currencies that are worth considering and can be invested in.
Etherium and Bitcoin
Of course, it’s no longer a question of buying bitcoin on the cheap. But it is always possible to consider shares of these currencies, especially in a situation where their value is reduced.
It is important to note that America wants to control digital currency, and Bitcoin falls into that category in the first place.
Cardano
As of November 2021, this cryptocurrency is considered to be the 6th largest. And over time, there is a possibility that it will rise several ranks. Much of the interest is fuelled by the possibility of smartcontacts, these are contracts that bypass intermediaries.
Binance Coin
This option is also being considered in the context of DeFi’s decentralisation. And if Etherium isn’t updating its networks yet, there’s a possibility that Binance will bypass it. So over the long haul, the investment could reap considerable rewards.
XRP
What makes this option special is that the purchase threshold for this coin is low, now at less than $1. And the company that owns the cryptocurrency today is actively improving its technology so that it is possible to make cross-border payments.
But there is a drawback here, today the company is going through a court case with the US SEC. So there is a risk of banning the coin in America.
Polkadot
The basic idea here is to increase the interoperability of the different blockchains within the platform. And it’s a promising project that’s developing right now.
And already now the coin is being used not only inside the system, but also outside of it.
Avalanche
This is a crypto network of the same name that aims to speed up token transactions in many ways, as well as create smart cards and decentralised applications. And it’s all about making it easy to use.
Chainlink
This is a relatively young project that is considered a bright player in the market right now. Its main goal is to create a service intermediary between blockchain and smart cards. What makes it special is that SWIFT acts as a partner.
